Bristol-Myers Squibb Company
BMYFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$11.5B
Q1 2026 · +3% YoY
TTM ROIC
19%
FY2025 · Adj. Net Income / Total Invested Capital (Equity + Debt) · WACC ~7.5% · Moat spread +11.5pp
Financial Snapshot
ticker: BMY step: 04 generated: 2026-05-12 source: quick-research
Bristol-Myers Squibb Company (BMY) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $45.0B | $48.3B | $48.2B | flat |
| Growth Portfolio | growing | ~$22B | ~$25B | +13% |
| Legacy Portfolio | declining | ~$26B | ~$23B | -12% |
| Adj. Operating Margin | 36% | 33% | 32% | -1pp |
| Adj. EPS | $7.50 | $6.83 | $6.15 | -10% |
| Free Cash Flow | $13B | $14B | $13B | -7% |
2026 Guidance
| Metric | 2026 Guide |
|---|---|
| Total Revenue | $46-47.5B (-2 to -4%) |
| Adj. EPS | declining further (legacy drag) |
| FCF Estimate | ~$15B |
| Dividend | 4.2% yield maintained |
Q1 2026 Highlights
| Metric | Q1 2026 |
|---|---|
| Growth Portfolio Revenue | $6.2B (+9% ex-FX) |
| Eliquis | $4.14B (+16% growth) |
| Cobenfy | $56M (doubled QoQ) |
| Opdivo | $2.1B (-8%) |
| Orencia | $818M |
| Reblozyl | $555M (+16%) |
| Legacy Portfolio | $5.3B (-6%) |
Key Product Detail
| Product | FY25 Sales | 2028 LOE Risk |
|---|---|---|
| Eliquis | $14.4B | Europe May 2026; US 2028 |
| Opdivo | $9B+ | US 2028 |
| Revlimid | declining | generics already eroding |
| Cobenfy | <$200M (early launch) | new launch |
| Reblozyl | $2B+ | growing |
| Camzyos | $0.6-1B | growing |
| Sotyktu | $0.5B+ | growing |
Cobenfy Trajectory
| Period | Cobenfy Revenue |
|---|---|
| Q4 2024 (launch) | $10M |
| Q1 2026 | $56M |
| Cantor Fitzgerald target | Blockbuster ($1B+) by 2026-2027 |
| Stifel peak target | $10B |
| Pricing | $23,000/year |
Eliquis LOE Trajectory
| Year | Eliquis Global Sales |
|---|---|
| 2024 | $13B |
| 2025 | $14.4B |
| 2026 forecast | -15.2% (EU patent May 19) |
| 2028 (US LOE) | sharp decline |
| 2031 | $205M (98.6% erosion) |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$14B |
| Capital Expenditures | ~$1B |
| Free Cash Flow | $13B |
| Cash & Investments | ~$10B |
| Total Debt | ~$50B (post-Karuna + Mirati + RayzeBio) |
| Net Debt/EBITDA | ~3.0x |
Key Ratios (approximate, May 2026)
- P/E (forward): ~7-8x | EV/EBITDA: ~6x | Dividend Yield: ~4.2%
- ROIC: ~12% (declining as legacy fades)
- FCF Yield: ~14%
Growth Profile
FY25 revenue flat at $48.2B — growth portfolio compensating for legacy decline. 2026 guidance $46-47.5B (-2 to -4%) reflects accelerating LOE drag. The "growth gap": ~$38B in at-risk revenue (Eliquis + Opdivo). Bull case requires Cobenfy + Camzyos + Reblozyl + pipeline to deliver $10-15B+ replacement revenue by 2030.
Forward Estimates
- 2026E Revenue: $46-47.5B (mgmt)
- 2026E Adj EPS: ~$5.50-6.00
- 2028E EPS (LOE trough): ~$4.50-5
- 2030E EPS (Cobenfy ramp): depends entirely on Cobenfy success
Capital Return
- Dividend $2.48 annual = ~$5B paid — 4.2% yield
- 16+ consecutive years of dividend growth
- Buybacks moderated post-Karuna debt paydown
- High dividend yield reflects market pricing in pipeline uncertainty
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $BMY.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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